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Gates Industrial Corporation plc (NYSE: GTES) is a global leader in manufacturing power transmission belts and fluid power products. Founded in 1911, Gates has built a strong reputation over the past century for quality and technological innovation. Headquartered in Denver, Colorado, the company operates in over 130 countries across four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
Core Business: Gates specializes in engineered solutions that are critical components in industrial and automotive applications. The company operates through two main segments: Power Transmission and Fluid Power. The Power Transmission segment includes belts, chains, and cables that transfer power from engines or motors to other parts of a system. The Fluid Power segment involves hoses and tubing assemblies that transfer power hydraulically or convey fluids, gases, or granular materials.
Products and Markets: Gates offers a premium portfolio of products and services for both replacement and first-fit applications. The company serves diverse end markets such as construction, agriculture, energy, automotive, and transportation. Gates' products are recognized globally for their high quality and reliability, making them the preferred choice for original equipment manufacturers, distributors, and installers.
Recent Achievements: In the fourth quarter of 2023, Gates reported net sales of $863.3 million and a full-year net sales of $3,570.2 million. The company has also reduced its net leverage ratio to 2.3x, showcasing strong financial health. Gates recently announced a share repurchase program worth $100 million, highlighting its commitment to creating shareholder value.
Current Projects: Gates is focused on enhancing its business performance through various enterprise initiatives. These include improving supply chain efficiencies and commercial execution. The company is also leveraging its strong cash balance to further reduce its net leverage ratio and capitalize on growth opportunities in targeted markets.
Financial Condition: As of the end of the first quarter of 2024, Gates had total cash and cash equivalents of $522.2 million and total outstanding debt of $2.4 billion. The company generated $189.3 million of cash from operations in the fourth quarter of 2023 and continues to manage its capital resources effectively.
Partnerships: Gates maintains strategic partnerships with leading industrial and automotive companies worldwide. These alliances enable Gates to provide comprehensive solutions that meet the specific needs of its customers.
Latest News: Gates has recently announced the pricing of a secondary offering of 17,500,000 ordinary shares by selling stockholders affiliated with Blackstone Inc., which is expected to close on May 21, 2024. The company also reported strong first-quarter results for 2024, with net sales of $862.6 million and adjusted EBITDA of $195.6 million, reflecting robust operational efficiency.
Gates Industrial (NYSE: GTES) announced its management's participation in two upcoming investor conferences. The company will participate in fireside chats at the Baird Global Industrial Conference on November 13, 2024, at 4:05 p.m. Central time, where CEO Ivo Jurek will present. Additionally, CEO Ivo Jurek and CFO Brooks Mallard will present at the Goldman Sachs Industrials & Materials Conference on December 4, 2024, at 2:00 p.m. Eastern time. Live webcasts of both presentations will be available through the Events & Presentations section of Gates' Investor Relations website.
Gates Industrial announced the pricing of a secondary offering of 11,635,224 ordinary shares by selling stockholders affiliated with Blackstone Inc. The shares are priced at $19.40 per share, with the offering expected to close on November 5, 2024. Gates will not receive any proceeds from this offering as it's not offering any shares directly. Goldman Sachs & Co is serving as the book-running manager for the offering.
Gates Industrial announced a secondary offering of 11,635,224 ordinary shares by selling stockholders affiliated with Blackstone Inc. The company itself is not offering any shares and will not receive any proceeds from the sale. Goldman Sachs & Co is serving as the book-running manager for the offering. The company has filed a registration statement with the SEC, and interested investors can access documents through the SEC's EDGAR website or request them from Goldman Sachs.
Gates Industrial (NYSE:GTES) reported Q3 2024 results with net sales of $830.7 million, down 4.8% year-over-year. Net income was $47.6 million ($0.18 per diluted share), while Adjusted Net Income reached $86.9 million ($0.33 per diluted share). The company's Adjusted EBITDA was $182.5 million with a 22.0% margin, showing a 30 basis points expansion.
The company increased its full-year 2024 Adjusted EPS guidance to $1.33-$1.37. Both Power Transmission and Fluid Power segments saw revenue declines, with core sales dropping 3.3% and 4.7% respectively. Operating cash flow year to date was $188.7 million, compared to $291.7 million in the prior year.
Gates Industrial plc (NYSE: GTES) has announced the release date for its third-quarter 2024 earnings. The company will issue its earnings release before the market opens on Wednesday, October 30, 2024. Following this, management will host a webcast and conference call at 11:00 a.m. Eastern time to discuss the financial results.
Investors can access the conference call by dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Third-Quarter 2024 Earnings Conference Call or providing the Conference ID of 5772067. A live webcast will also be available through Gates Industrial's website at investors.gates.com.
An audio replay of the conference call will be accessible from approximately 1:00 p.m. Eastern time on October 30, 2024, until 11:59 p.m. Eastern time on November 6, 2024. It can be accessed by dialing (800) 770-2030 (domestic) or +1 (647) 362-9199 (international) and providing the passcode 5772067, or through the company's website.
Gates (NYSE: GTES) is launching the Data Master™ Data Center Cooling Hose in Q4 2024, expanding its data center cooling portfolio. This innovative fluid conveyance solution is designed for high-performance computing environments, offering superior flexibility, performance, and cleanliness. Key features include:
- Enhanced flexibility and compactness for easier assembly and routing
- Compliance with UL94V-0 and VW-1 flame resistance standards
- Specialty-compounded materials to ensure system cleanliness
- Reduced fluid contamination for fewer operational disruptions
The product addresses the growing demand for liquid cooling solutions in data centers, particularly for compute-intensive applications like AI. Gates, a member of the Open Compute Project (OCP), continues to invest in innovative technologies to meet evolving data center needs.
Gates (NYSE: GTES), a global manufacturer of power transmission and fluid power solutions, has released its 2023 Sustainability Report. The report highlights progress in four key areas: Governance, Technology, Environment, and Stewardship. Notable achievements include:
- Bringing 818,000 kWh of solar energy online
- Reducing 18M kWh of natural gas and 7M kWh of electricity consumption
- 20% decrease in Total Case Incident Rates (TCIR)
- 15% reduction in severe injuries
Gates continues to focus on decarbonization, waste reduction, and water conservation. The company's sustainability reporting aligns with international standards, including IFRS, SASB, TCFD, GRI, and UN SDGs. Gates employees are actively involved in community volunteer activities, demonstrating the company's commitment to making a positive impact globally.
Gates Industrial plc (NYSE: GTES), a leading manufacturer of power transmission and fluid power solutions, has announced its participation in Morgan Stanley's 12th Annual Laguna Conference. The event will take place on September 11, 2024, in Dana Point, California.
Brooks Mallard, the company's Chief Financial Officer, is scheduled to present at 9:55 am Pacific time. Investors and interested parties can access a webcast of the presentation through the Events & Presentations section of Gates Industrial's Investor Relations website at investors.gates.com.
This conference participation provides an opportunity for Gates Industrial to showcase its innovative solutions and engage with industry professionals and investors. The company's presence at such events demonstrates its commitment to transparency and shareholder communication.
Gates Industrial plc (NYSE: GTES) has announced the pricing of a secondary offering of 20,000,000 ordinary shares by certain selling stockholders affiliated with Blackstone Inc. The underwriters have a 30-day option to purchase up to 3,000,000 additional shares. The offering is expected to close on August 21, 2024. Gates will not receive any proceeds from the sale.
In connection with its existing share repurchase program, Gates has entered into a contract to repurchase $125 million of ordinary shares at the same price paid by the underwriters, totaling 7,539,203 shares. This repurchase is conditioned upon the closing of the offering. Additionally, one of Gates' directors has expressed interest in purchasing shares in the offering.
Gates Industrial plc (NYSE: GTES) has announced a secondary offering of 20,000,000 ordinary shares by certain selling stockholders affiliated with Blackstone Inc. The underwriters have a 30-day option to purchase up to 3,000,000 additional shares. Gates will not receive any proceeds from this offering.
Concurrently, Gates has entered into a share repurchase contract with Citigroup Global Markets Inc. to buy back $125 million of ordinary shares at the same price as the offering. This repurchase is contingent on the offering's closing. Additionally, one of Gates' directors has expressed interest in purchasing shares in the offering.
Citigroup, Goldman Sachs & Co. , and Jefferies are serving as the joint lead book-running managers for the offering.
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